STEP 9: GO “BACK TO SCHOOL” – ACQUIRE KNOWLEDGE
Since small-business owners wear a lot of hats, you may not be proficient in all aspects of your business, so if you have deficiency in knowledge in any aspect -from marketing to writing a business plan, take a class or get books that will strengthen/improve your skills in these areas.
STEP 10: FIND A LOCATION
The location is another important step to take in starting that dream business. Even if you will be doing your business from your home or a rented shop, the location should be accessible especially if your business involves tangible products. There are however certain businesses that may not require a location that is necessarily “frontline”. For example, internet based businesses may not require a location beyond your bedroom!
STEP 11: SET PRICES
Figure out the cost to make your product or provide your service, including materials, overhead and labour; add enough to make a profit and be consistent will industry (general) prices. When setting prices for your product/service do not forget that beyond the purchase price there are other costs such as “cost of purchase” as well as “cost of sale”. These costs must be factored into the final price of the product/service. Please read up our article on how to set prices for your product/services.
STEP 12: FURNISH YOUR OFFICE
As I pointed out in step I0 about finding a location, if your business requires you having an office, then you must furnish it. Because you are just starting out, you should shop for used office furniture as it will help in saving capital to be used for the core business.
STEP 13: DEVELOP A MARKETING PLAN
You need to define how your product or service differs from those of your competitors, describe your target customers (age, sex, location, income, lifestyle); and draw how you place to communicate to your customers.
A marketing plan is critical to the success of your product/service in the market place. There is a marketing adage that says that “ the best product that is unknown to the target market is the worst product, while the worst product that is known and publicized to the target audience is the best product.
The message here is simple and clear: your product must be made known to the target audience otherwise your business “dead on arrival”.
Start by identifying your target market, then segment your market and draw up a prospecting medium and schedule. Follow your schedule diligently.
You should prospect, present, and follow up. Note that the latter (follow up) is crucial, most clients will not buy your product on first contact, you may require as much as 7 reminders to make the sale. But the good news is that once the initial sale is made, that client is likely going to buy again from you provided he was satisfied with the previous purchase.
STEP 14: GET ONLINE
Take advantage of the information age we are in now. Put your business on the internet. Setup a basic website with information about your products and services. It is free to get a facebook page for your business. You should also get on Twitter, Google+, Youtube, Blogspot etc. Also use mobile social media platforms such as Whatsapp, BBM, Viber, Facebook messenger etc.
Studies consistently show that most people do an internet search for products and services before they take a buying decision. It is the businesses they come across on the internet that they contact first before living their homes.
So, you should leverage on this by getting on line and popping up each time they do those searches.
STEP 15: PRACTICE FOR SALES PRESENTATIONS
Prepare what you will be talking about, questions and answers, role-play with you family or friends and ask for criticisms. If possible, do a video recording of yourself. Learn how to network, join social clubs, church groups and ensure that you are quite noticeable. Remember, your network greatly influences your net worth
STEP 16: PRAY CEASELESSLY
Although I have put this last, it is not the least of the things you have to do. If you have managed to come this far without developing the habit of prayer, this is the time to go to school for it. The benefit of prayer cannot be over emphasized. Remember, God blesses hard work, he multiplies what you have. If you have nothing, he multiples it by zero which equals zero!
If you have 1000, he will multiply it by same factor and you will end up eventually with a million.
Wishing you Goodluck and God’s blessings as you embark on this courageous journey into the business world.
This article was Originally contributed by Idugboe Osasumwen . It was re-written and edited for the Cash4naija site by the editorial team.
